Voting Summary

Of these, we voted 599,571 proposals (93%) at 12,843 company meetings.1

Proposal Count, By Vote Instruction

Matters Voted Upon

The following statistics relate to proposals that were voted:

Excluding procedural matters2, board directorships (63%) and compensation (11%) were the most common matters voted upon.

Shareholder proposals represented 2.5% of all proposals.

Proposals Voted On, By Issue

Support for Management and Shareholder Proposals

Management Proposals

Proposal Type

Number of Proposals Voted

Percentage Voted For

Percentage Voted Against

Related to Directors

366,225

89.8%

10.2%

Procedural Matters

101,909

95.0%

5.0%

Compensation

65,384

81.6%

18.4%

Capitalization

28,633

75.0%

25.0%

Reorganization and Mergers

15,186

90.3%

9.7%

Antitakeover Related

7,057

74.7%

25.3%

Preferred/Bondholder

83

44.6%

55.4%

Total

584,477

88.9%

11.1%

Shareholder Proposals

Proposal Type

Number of Proposals Voted

Percentage Voted For

Percentage Voted Against

Related to Directors

9,910

28.3%

71.7%

Procedural Matters

3,932

24.7%

75.3%

Compensation

1,252

72.6%

27.4%

Total

15,094

31.1%

68.9%

1. Dimensional votes proxies wherever it is feasible and economical to do so. We may not vote in markets that have share-blocking, re-registration or other practices that impair our ability to sell voted shares. In addition, we consider the costs associated with voting (per vote charges, meeting representation fees, etc.) and vote in instances where the expected economic benefit of voting outweighs the costs for a given portfolio.